BlueScope Steel, an Australia-based coated and painted steel producer, announced the sale of its 50% stake in the Tata BlueScope Steel (TBSL) joint venture to its partner Tata Steel.

The transaction is expected to generate net proceeds after taxes and fees of $179 million for BlueScope, creating a net profit after tax on sale of $70 million. The sale allows BlueScope to concentrate its resources on growth investments and strategic initiatives within its core business portfolio.

The move concludes a two-decade-long partnership, with BlueScope recognizing the significant value created during the joint venture’s history.